The buyer of record is 1770 St. James LP, but there is no information readily available about the investment group. The building has been on and off the market several times in the past 1 1/2 years, Mitchell E. Hersh, the Cranford, NJ-based REIT's CEO, tells GlobeSt.com. The last time, it was pulled to boost occupancy to increase the value, he says.
About three months ago, with the building at 82% occupancy, Mack-Cali was approached by the buyer. At that time, two other serious buyers made offers as well. Hersh believes the new owners plan to hold the building as an investment. The tenant roster includes Resolute Systems Inc., de la Garza Public Relations Inc. and Neosoft Inc.
Mack-Cali entered the southwest market as a private company in 1991. For 2 1/2 years, the REIT has been selling its assets and recycling capital into its core Northeast and Mid-Atlantic markets. To date, the REIT has sold about $600 million in office assets, primarily in Texas, according to Hersh.
In a joint venture with Prudential Insurance Co., Mack-Cali has a partnership interest in Ashford on the Bayou, a 129,794-sf office building at 1001 Dairy Ashford in the Energy Corridor, and 2100 West Loop South, a 168,000-sf office property in the Galleria area. Hersh says the plan is to eventually sell those properties too. At last count, Mack-Cali owns or has interests in 264 properties, totaling 29.2 million sf, mostly office and office/flex buildings.
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